Patient Capital, Big Data Applications, and Corporate Innovation—Empirical Evidence from Government-Guided Funds

在全球数字化浪潮下，大数据已经成为企业获得竞争优势的利器，而耐心资本作为大数据发展和创新生态培育的重要支撑，有助于促进企业创新和可持续发展，推动经济高质量增长。本文以政府引导基金设立为自然实验，基于2010~2023年中国A股上市公司面板数据，采用双重差分法和调节效应模型，研究发现：耐心资本能够显著促进企业创新；大数据应用在耐心资本对企业创新的积极影响中起到正向调节作用。进一步异质性分析发现，大数据应用的调节效应在国有企业、高科技企业、非制造业企业、技术密集型和资本密集型企业更显著。本文为进一步推动政府引导基金政策优化完善、促进耐心资本培育和壮大提供了参考性的指导建议。In the global digital wave, big data has become a powerful tool for businesses to gain a competitive edge. Patient capital, a key support for the development of big data and the innovation ecosystem, promotes corporate innovation, sustainable development, and high-quality economic growth. Using the establishment of government-guided funds as a natural experiment and based on Chinese A-share listed company panel data from 2010 to 2023, this paper applies difference-in-differences and moderation effect models and finds that: patient capital significantly boosts corporate innovation, with big data applications playing a positive moderating role in the positive impact of patient capital on corporate innovation. Further heterogeneous analyses reveal that the moderating effect of big data applications is more significant in SOEs, high-tech firms, non-manufacturing enterprises, and technology- and capital-intensive companies. This paper provides informative and guiding suggestions for further promoting the optimization and improvement of government-guided fund policies and facilitating the cultivation and growth of patient capital.